The Figure Below Show the Demand and Supply Functions for a Product

question 227

Multiple Choice

The figure below show the demand and supply functions for a product. Decide which line shows the supply function and which line the demand function. ​ ​
Will a price above the equilibrium price result in a market surplus or shortage?
​

• A)shortage
• B)surplus

Realize the role of policymakers in influencing market outcomes through regulations like taxes and minimum-wage laws.

Identify and explain the mechanisms through which price controls are intended to protect consumers or producers.

Understand the concept and implications of rent control as a form of price ceiling.

Analyze the effects of market interventions on supply, demand, and overall market equilibrium.

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